Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

In the first month of operation, ABC Corporation, that specializes in bicycle repairs, completed the following transactions:

Jan. 5     Started business by making deposit in company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Jan. 5       Paid premium on one-year insurance policy, $1,200.
Jan. 5       Paid present month's rent, $1,040.
Jan. 7     Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and balance were placed on account. Payments will be $200.00 per month for nineteen months.  First payment is due 11/3.
Jan. 7      Purchased repair supplies from McKenna Company on credit, $390.
Jan. 11    Paid utility bill for October, $154.
Jan. 15    Cash bicycle repair revenue for first half of October, $1,362.
Jan. 18    Made payment to McKenna Company, $200.
Jan. 30    Cash bicycle repair revenue for the last half of October, $1,310.
Jan. 30    Declared and paid cash dividend of $800.

Create the financial statements for ABC Corporation as of January 31.

Create the Income Statement, Statement of Retained Earning and the Balance Sheet.

Statement of Cash Flows is a required Financial Statement, but is not necessary for this Project.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99608

Have any Question? 


Related Questions in Accounting Basics

Comprehensive problem differential apportionmentmortar

Comprehensive Problem: Differential Apportionment Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non-controlling interest was $43 ...

In the wake of the accounting and finance scandals of the

In the wake of the accounting and finance scandals of the early 2000s, the regulatory environment for businesses changed dramatically to create more accountability and transparency. Agencies like the Securities and Excha ...

Accounting practice set -this case is designed to reinforce

Accounting Practice Set - This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation ...

Accounting case studyplease provide the answers to these

Accounting Case Study: Please provide the answers to these questions in the form of a paper. Please ensure the paper and all paper references are in APA format. CASE: Evaluating a Company's Budget Procedures. Tom Emory a ...

Internet case-citizen-centric reportingalthough citizens

Internet Case-Citizen-Centric Reporting Although citizens should be concerned about the performance of government, in truth, few citizens typically review the financial information provided by their government. In part, ...

Assignment research applicationin this assignment you will

Assignment: Research Application In this assignment, you will use the Internet and other sources to gather and interpret information related to service and manufacturing organizations. Select either a service or a manufa ...

What is ubit and what are some exceptions to the rule why

What is UBIT and what are some exceptions to the rule? Why do you think these exceptions exist? What is the significance of the "regularly carried on" test as it relates to UBIT? Required: Half to one page only 2 referen ...

Accounting discussion questionbulluse the internet to

Accounting Discussion Question • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or credit ...

Develop a powerpoint presentation that answers the

Develop a PowerPoint presentation that answers the following questions: Prepare a financial analysis of Warehouse Distribution, Inc.(I will upload the income statements for Warehouse Distribution), comparing the firm's f ...

Question 2-64start from the trial balance and the posted

Question 2-64 Start from the trial balance and the posted T-accounts that Haupt Consulting prepared at December 18, as follows HAUPT CONSULTING Trial Balance December 18, 2010 Balance Account Tide Debit Credit Cash $7,70 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro